Indian stock markets have become a battleground for bulls and bears, triggering volatility. Amid the wild swings, Vishnu Kant Upadhyay, AVP – Research and Advisory at Master Capital Services has shared three blue-chip stocks- ICICI Bank Ltd, ITC Ltd and Titan Company Ltd– from a trading point of view. The analyst has suggested to ‘buy’ all the three counters. Here’s what the analyst has to say about these counters:
ICICI Bank | Buy | Target Price: Rs 1,310-1,340 | Stop Loss: Rs 1,190
The share price of ICICI Bank is currently trading within a bullish channel characterized by a pattern of higher highs and higher lows, indicating a sustained upward trend. Recent price action has demonstrated a rebound from the lower boundary of this channel, accompanied by a significant increase in trading volume. Moreover, key moving averages, specifically the 55-week EMA positioned below the current price levels, offer additional support and likely mitigating potential downside risks. The current risk-reward ratio appears favourable, which may attract renewed buying interest at this level.
ITC | Buy | Target Price: Rs 525-540 | Stop Loss: Rs 475
The share price of ITC has experienced a healthy correction of nearly 8 per cent from its recent swing high, finding support around the 21-week EMA. This level is positioned to serve as a potential turning point, especially given the stock’s sustained relative strength. Additionally, prices are currently trading near a key horizontal support level on the weekly chart, making it unlikely that they will fall below the Rs 480 mark in the near term. The broader market sentiment remains bullish, and the recent corrective decline presents an opportunity to establish fresh long positions.
Titan Company | Buy | Target Price: Rs 3,690-3,750 | Stop Loss: Rs 3,280
The share price of Titan is currently trading above long-term ascending trend line, characterized by a pattern of higher lows on the weekly chart, indicating a potential continuation of the upward trend. Prices are above the 55-week EMA, a critical support level that has historically offered strong downside protection. Furthermore, the recent decline has been accompanied by diminishing trading volumes, suggesting reduced selling pressure and potential for bargain buying at current levels. Any minor correction near the Rs 3,460-3,480 range can be viewed as an opportunity to establish fresh long positions.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.